RESERVE BANK OF INDIA (RBI)

RBI Extends Market Trading Hours (7 FEB 2023)

The trading hours for various markets regulated by the Reserve Bank were amended with effect from April 7, 2020 in view of the operational dislocations and elevated levels of health risks posed by COVID-19. Restoration of market hours in a phased manner was commenced with effect from November 09, 2020.

It has now been decided to also restore market hours in respect of government securities from 9:00 AM to 3:30 PM to 9:00 AM to 5:00 PM, accordingly, with effect from Monday, February 13, 2023.

NOTIFICATION : Reserve Bank of India - Press Releases (rbi.org.in)

MINISTRY OF FINANCE 

Ministry of Finance  Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24 ( 8 FEB 2023)

The Government has appreciated that special efforts are required to clear the backlog of old disputes and litigation. Such cases are not only holding back fresh investment but are also reducing the ease of doing business with the Government. Therefore, after due study of the past cases, the government intends to bring one time settlement scheme called “Vivad se Vishwas II (Contractual Disputes)” to effectively settle pending disputes.

The draft scheme is available on the website of the Department of Expenditure @ doc202328158601.pdf (pib.gov.in)

PRESS RELEASE : https://pib.gov.in/PressReleasePage.aspx?PRID=1897384 

Ministry of Communications  

Package to Revive BSNL and MTNL (8 FEB 2023)

The Government on 23.10.2019 approved the revival of BSNL and MTNL. As a result of this, BSNL and MTNL have become EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) positive since the financial year 2020-21. Further on 27.07.2022, the Government approved revival package for BSNL amounting to Rs. 1.64 lakhs crores. 

The revival measures focus on infusing fresh capital for upgrading BSNL services, allocating spectrum, de-stressing its balance sheet, augmenting its fibre network by merging Bharat Broadband Nigam Limited (BBNL) with BSNL and sovereign guarantees to BSNL/MTNL.

PRESS RELEASE : https://pib.gov.in/PressReleasePage.aspx?PRID=1897270

SUPREME COURT 

Constitution does not allow aldermen to vote in MCD elections: Supreme Court (8 FEB 2023)

The Supreme Court on Wednesday said the Constitution does not allow nominated members (aldermen) of a municipality the right to vote in meetings, while issuing notice to the Lieutenant Governor and the Protem Presiding Officer of the Municipal Corporation of Delhi in a petition filed by AAP alleging deliberate stalling of mayoral elections for the third time in a row.

DETAILS : Constitution does not allow aldermen to vote in MCD elections: Supreme Court - The Hindu 

NCLAT 

NCLAT rejects IBBI's plea against NCLT order of GTL Infrastructure (8 FEB 2023)

The Mumbai Bench of the National Company Law Tribunal (NCLT) in February 2022 dismissed the plea of Canara Bank, a financial creditor, to initiate insolvency proceedings against GTL Infra under section 7 of IBC.

This NCLT order has already been challenged by Canara Bank before the appellate tribunal NCLAT, which issued notices on January 23, 2023, and the matter is listed on March 17, 2023, for hearings.

NEWS REPORT : nclat: NCLAT rejects IBBI's plea against NCLT order of GTL Infrastructure - The Economic Times (indiatimes.com)

NEWS AT GLANCE 

  • RBI hikes repo rate by 25 Basis points to 6.5 percent; Projects GDP growth at 6.4 percent and retail inflation at 5.3 percent during 2023-24 fiscal. 
  • First Tourism Working Group Meeting under India's G-20 Presidency officially begins at Dhordo in Gujarat. 
  • Centre asks CAG to conduct special audit of implementation of PM Poshan Scheme in West Bengal.
  • RBI announces pilot launch of QR Code-based Coin Vending Machine to improve the distribution of coins.  
  • Union Minister Ashwini Vaishnaw to launch ‘Digital Payments Utsav’ tomorrow for promotion of Digital Payments across country.

WORD OF THE DAY 

Optima legum interpres est consuetudo - The best interpreter of laws is custom.

MARKET TODAY (as on 8.02.2023)

BSE SENSEX                60,663.79 INR▲ +377.75 (+0.63%)  

NIFTY 50                      17,871.70 INR▲ +150.20 (+0.85%) 

1 US Dollar = 82.65 Indian Rupee (Last updated · 8 February at 4:21 pm UTC)

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